Search

News

ENERGY & OFFSHORE | Staff Reporter, Singapore

Published: 12 May 17

view(s)

Noble Group shares sink to lowest level in 14 years

The company warned of a profit loss in Q1.

Bloomberg Markets reported that Noble Group Ltd.’s shares plunged the most on record to the lowest level in more than 14 years after it warned of a first-quarter loss and as S&P Global Ratings said the commodity trader’s debt-load is unsustainable given its current earnings path.

Shares of the Hong Kong-based company, which counts China Investment Corp. as one of its largest shareholders, slumped 32 percent to close at 87.5 Singapore cents, the biggest decline on record and the lowest level since October 2002. This has slashed Noble’s market value to less than $1 billion in U.S. dollar terms, a shadow of the $10.2 billion trading behemoth it was in 2010.